The ACCC’s rejection of a $4.9 billion merger between ANZ and Suncorp was hardly surprising given the concentrated nature of the home loans market, but the competition regulator faced an uphill battle in having the decision upheld, an expert says.
The ACCC’s decision to block a $4.9 billion merger between ANZ and Suncorp has been set aside, with a tribunal finding the transaction will not substantially lessen competition in the home loans market or for agribusiness and SME clients in Queensland.
National Australia Bank has lost its bid to shield a case by a Melbourne gold bullion dealer after a judge said one of the bank’s arguments for suppression had “the air of a Kafka novel”.
Queensland power company Stanwell has flagged a possible ‘no case to answer’ submission in an upcoming competition class action trial that would seek to shut the case down mid-trial, with a judge saying it was “highly unlikely” to succeed.
Instagram is planning to hit Dialogue Consulting with a cross-claim that accuses the Melbourne social media start-up of breaching US law related to the protection of users’ data and engaging in misleading or deceptive conduct.
The Australian Competition and Consumer Commission has raised concerns about the owner of realestate.com.au acquiring a national forms platform used by real estate agents, saying it could “significantly harm competitors”.
The High Court has granted special to leave to a class action against Ford over allegedly PowerShift transmissions, agreeing to hear the case alongside two appeals in a class action against Toyota that deal with how reduction in value damages should be calculated under the Australian Consumer Law.
Mazda has been ordered to pay $11.5 million after a court found the Japanese car maker engaged in “appalling” customer service and misled nine purchasers of defective vehicles about their entitlement to a refund or replacement under the Australian Consumer Law.
The Law Council of Australia has come out in opposition to calls by the competition regulator for major reform to the country’s merger regime, saying the evidence did not support “wholesale” changes.
Suncorp subsidiary AAI has asked a court to order soft class closure in a group proceeding over allegedly worthless insurance, saying it was “passing strange” that over 200,000 group members “don’t know they’re even group members” three years into the case.